Taxpayers will foot the bill as Liz Truss writes 'blank cheque' to oil and gas giants
New Prime Minister Liz Truss refuses to impose a windfall tax on energy companies which have made £170bn in excess profits amid the global crisis. cost of living to finance the freezing of its bills< /p>
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Liz Truss says she will take 'immediate action' to tackle cost crisis
Taxpayers will foot the bill as Liz Truss writes a 'blank cheque' to oil and gas giants making £170bn in excess profits from the energy crisis.
The new Prime Minister refuses to impose a windfall tax on energy companies to fund her decision to freeze bills at around £2,500.
Instead, she is likely to increase borrowing at the expense of taxpayers, raising fears of even more Conservative cuts to public services.
Labour's Climate Change Secretary Ed Miliband said: 'Every penny his government refuses to raise in windfall taxes is money he will be loading onto the British people for years to come ."
Ms Truss will finally set out her plans to tackle the cost of living crisis today, when she opens a debate in the House of Commons on energy costs.
Picture:
Hugo Philpott/UPI/REX/Shutterstock)After weeks of pressure from the Mirror, Labor and the Lib Dems, she is set to freeze the bills at £2,500, slashing the price cap by £1,000 which was due to rise to £3,549 October 1.
There will be help for businesses, amid fears that many will be forced to close due to soaring energy costs.
Consumers will also receive a £400 payment from the government, reducing the average bill to £2,100.
Ms Truss said last night: "We will take immediate action to help people and businesses pay their bills, but we will also take decisive action to get to the root cause of these problems, so that we don't let's not be in this situation anymore."
Upgrading Secretary Simon Clarke suggested the solution would be long-term, not 'band-aid', and would cover both households and businesses.
He said
New Prime Minister Liz Truss refuses to impose a windfall tax on energy companies which have made £170bn in excess profits amid the global crisis. cost of living to finance the freezing of its bills< /p>
Video not available
Click to playTap to play
Liz Truss says she will take 'immediate action' to tackle cost crisis
Taxpayers will foot the bill as Liz Truss writes a 'blank cheque' to oil and gas giants making £170bn in excess profits from the energy crisis.
The new Prime Minister refuses to impose a windfall tax on energy companies to fund her decision to freeze bills at around £2,500.
Instead, she is likely to increase borrowing at the expense of taxpayers, raising fears of even more Conservative cuts to public services.
Labour's Climate Change Secretary Ed Miliband said: 'Every penny his government refuses to raise in windfall taxes is money he will be loading onto the British people for years to come ."
Ms Truss will finally set out her plans to tackle the cost of living crisis today, when she opens a debate in the House of Commons on energy costs.
Picture:
Hugo Philpott/UPI/REX/Shutterstock)After weeks of pressure from the Mirror, Labor and the Lib Dems, she is set to freeze the bills at £2,500, slashing the price cap by £1,000 which was due to rise to £3,549 October 1.
There will be help for businesses, amid fears that many will be forced to close due to soaring energy costs.
Consumers will also receive a £400 payment from the government, reducing the average bill to £2,100.
Ms Truss said last night: "We will take immediate action to help people and businesses pay their bills, but we will also take decisive action to get to the root cause of these problems, so that we don't let's not be in this situation anymore."
Upgrading Secretary Simon Clarke suggested the solution would be long-term, not 'band-aid', and would cover both households and businesses.
He said
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